IEA cut its crude demand growth outlook by 100,000 barrels a day for this year and next, as the Wall Street Journal reports.
On the other hand OPEC demand for their oil is up to 33.42 million barrels per day (bpd) of OPEC crude next year, an increase of 360,000 bpd from its previous forecast and the fourth consecutive monthly increase in the projection from its first estimate made in July.
"Solar is forging ahead in global power markets as it becomes the cheapest source of electricity generation in many places", said Fatih Birol, executive director of the IEA.
The IEA echoed that view, saying it expects the U.S.to see a resurgence in its oil and gas industries and become the world's biggest net exporter by the end of the 2020s.
Under its "New Policies Scenario", based on existing legislation and announced policy intentions relative to emissions and climate change, the oil price should continue to rise towards $83 a barrel by the mid-2020s.
Investors increasingly opted not to bet on higher oil prices, following a report from the International Energy Agency showing it expects rising United States shale oil and gas production to at least be among the biggest gains in the history of the industry.
"While other major companies continue to maintain a presence in oil sands operations, it remains an open question whether the exit of these companies will impact prospects for oil sands development over the longer term", the IEA said.
Production fell by 470,000 barrels a day compared with October 2016 as OPEC supply fell sharply - 80,000 barrels per day - and total cartel output of 32.53 million barrels a day was 830,000 barrels a day less than a year ago. Oil inventories in the world's richest nations fell by 40 million barrels in September, breaking below 3.0 billion barrels for the first time in two years, driven in part by Hurricane Harvey, which shuttered much US refining capacity in August.
Opec said in the latest edition of the World Oil Outlook forecasts that oil would supply just over 27 per cent of worldwide energy needs in 2040, while natural gas will see its share at slightly more than 25 per cent.
After an upbeat performance last week, oil prices edged lower for a second day Tuesday.
Some analysts even predict that with oil demand declining as EVs set to replace conventional fuel vehicles, oil price could plunge to as low as $10 a barrel over the next six to eight years.
Also weighing on the oil price, is the increasing prospect of a slower pace of economic growth in China.
The agreement announced at the Dubai Airshow includes 12 CS300 aircraft with purchase rights for an additional 12 aircraft. The jet, the larger of two C Series versions, can carry 130 to 160 passengers.
He has chose to leave worldwide football, and he is a great champion, but we had to adapt and we found another style". There was, however, a price to pay for the Sweden skipper, who was forced to honour a promise to his team-mates.
Weakness rubbed off on broader markets, with mid-cap and small-cap indices falling by up to 0.22 per cent. The loss in BSE capital goods was maximum at 1.41 per cent, followed by telecom, infrastructure and PSU.
As it was too late for the pilot abort his take-off, he took the plane up but landed again after a 45-minute sortie over the sea. As it would be unsafe to land a plane with a full fuel tank, the pilots flew over the sea for 45 minutes.
Previously, the earliest evidence of wine-making was from pottery dating from about 7,000 years ago found in north-western Iran. Researchers also found three organic acids associated with wine - malic, succinic and citric - in the residue from the jars.
Meanwhile, Falcons owner Arthur Blank , the compensation committee's chairman, doesn't appear to be taking Jones' advice. The 75-year-old Jones has owned the Cowboys since 1989 and has overseen three Super Bowl titles.
Diggs said he wanted to pay homage to service members, but the Vikings were penalized 15 yards for unsportsmanlike conduct. Washington quarterback Kirk Cousins completed 26 of 45 passes for one touchdown but did throw an interception.
"Chinese law forbids non-Chinese companies from owning or operating certain technology for the provision of cloud services". Foreign firms in China have long complained about local restrictions that appeared to favour domestic players.
Ronaldo reject new Real Madrid contract, wants exist
Ronaldo only managed one goal in seven La Liga outings this season, which is enough to suggest he may be past his prime. They also claim that Madrid's all time top-scorer can not stand to remain at the club anymore.
FX severs ties with Louis CK
FX followed suit in a statement reading, "Today, FX Networks and FX Productions are ending our association with Louis C.K. We are cancelling the overall deal between FX Productions and his production company, Pig Newton".
Rohr Disappointed Over Messi's Absence Against Nigeria
Nigeria scored 12 goals in their six qualification games, and their detractors had no answer as they progressed in style. Nigeria have won only one game in seven senior meetings against Argentina since 1994 to date .